Overcoming Challenges in Defense Contracting

Update: 2024-09-17

Description

I am really excited to be bringing you this week’s episode of GovCon Unscripted featuring a truly remarkable guest, Stephanie Hutch, CEO & President of Makai Defense and founder of Kekoa Foundation, a nonprofit in Hawaii. Listen as Stephanie shares her incredible journey from growing up in a military family to building a successful defense contracting company.

Throughout our conversation, Stephanie dives into the early challenges of starting Makai Defense, including securing government contracts and overcoming the challenging obstacles of a startup. With her background rooted in contracting through her parents' work and her own experiences, she reveals how these foundations helped shape her approach to business.

Stephanie’s insights into leveraging strong networks, navigating the complexities of government contracting, and managing contracts offer a wealth of knowledge for anyone interested in the defense industry! We, in addition, discuss the significant strides that Makai has made in just a few years such as securing key contracts, building strategic partnerships, and evolving from a generalist approach to a more focused and strategic growth plan.

Stephanie’s story is not just about business success but also about her dedication to a mission-driven purpose. Her commitment to national security and innovative solutions highlights the importance of balancing immediate needs with long-term goals.

I hope that you will tune in to hear Stephanie’s candid reflections on the ups and downs of entrepreneurship in the defense sector and her advice for others looking to make an impact. If you are curious about the intersection of innovation, defense contracting, and strategic growth, then this episode is a must-listen for you!

In This Episode:

[01:20 ] - Stephanie shares how she leveraged the Hawaiian-owned business designation and her family’s military background when overcoming startup challenges.

[04:17 ] - In the first year, Stephanie and her partner consulted while getting prime contracts and proposals.

[06:19 ] - Having a large corporation’s mentorship was perfect, offering both understanding and investment for Makai's success.

[08:31 ] - Stephanie explains how Makai blends service with innovation.

[10:11 ] - Hear how networking and industry connections were crucial for Makai’s growth and finding new partners.

[12:38 ] - Stephanie observes more openness now, emphasizing the need for research and connecting with decision-makers.

[15:17 ] - Stephanie reveals how diversification helps her business get through funding shifts, balancing various contract types and agencies.

[17:13 ] - Cost-plus contracts offer flexibility but require DCAA-compliant accounting systems and preparation.

[20:52 ] - Stephanie values the mission over quick profits, planning for long-term impact and national security.

[22:14 ] - As a Hawaiian-owned business, Makai leverages the 8(a) program for strategic planning and future growth.

[25:07 ] - Stephanie values her core team, which balances skill gaps and shares a unified vision for growth.

[27:47 ] - As Stephanie’s business grows, it shifts from wearing many hats to becoming more specialized and focused.

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